2012 Stakeholder ReportLeaving a legacy and creating a sustainable future

Message from the Chairman

Message from the Chairman of the Deloitte Africa Board

Taking custodianship of Deloitte

Dear Stakeholders

Dear Stakeholders
Becoming chairman of Deloitte on 1 September 2011 after being with the firm for 33 years represents the pinnacle of a relationship that began when I was a mere 18 year old!
I feel privileged to serve Deloitte in this role, and thank my colleagues for the trust they have placed in me.

I take on the role of chairman at a time when the global economy is facing enormous challenges - challenges from which South Africa and its neighbouring states will not be entirely exempt. However, it is also a time when Deloitte is performing well.

Tribute

Our Partnership Agreement provides that the chairman of the Board can serve for a maximum of three consecutive terms. Futhi Mtoba has been our chairman for the past three terms of the Board since 2004 and I would like to take this opportunity to thank her, as our outgoing chairman, for the diligence and rigour she exercised in performing this role most ably. With our focus on Africa, we have formed an African Board to ensure we deliver top client service throughout the continent. I am very pleased that Futhi has assumed responsibilities as chairman of this African Board.

Our stakeholders

I would like to pay tribute to our stakeholders, without whom our business would simply not exist.

It is appropriate that I examine those stakeholder groups separately.

Our people

I begin by welcoming newly graduated professionals to our firm who have their eye either on obtaining their Chartered Accountant qualification or working through the ranks of our consulting and advisory businesses.

Congratulations! You have joined one of the greatest firms, a place where people, whether they are staff or clients, are valued. During your time with us I am sure you will be exposed to professionals from all types of disciplines and also have contact with our most diverse client base. Use these opportunities fully and you will develop and sharpen your skills by assimilating the knowledge offered by those with whom you come into contact.

To our partners and directors, especially those that have been newly appointed, and to all of our people; thank you for your personal contribution. May I say that self-actualisation and pushing personal boundaries are intrinsic to the fabric of Deloitte. We look forward to your continued hard work and commitment to each other.

Our clients

Our major responsibility, however, is to a stakeholder group we sometimes know well or sometimes remain unknown – our clients. Our clients hire us to either give assurance to their stakeholders or to help them solve problems that they face. We give assurance to those people who have pensions, those who hold shares in listed companies and the ordinary investor though our audit, risk advisory and tax businesses. Our auditing service is the cornerstone of governance. Then there are those clients to whom we offer a diverse advisory and consulting service – we genuinely want to add value to them through these services and our people — to help improve their businesses in areas of strategy, Information Technology and human capital development.

Our government

We support government through the assurance, tax and advisory work we perform for Government departments and other Public Sector entities. We also support the Auditor-General, who has the responsibility to audit government departments and entities. This support helps government improve its performance and ability to deliver services.

Our community

Corporate citizenship is taken into account, not only by reporting activities in our annual reports, but in a meaningful way that impacts our clients and our people. We participate in a range of initiatives, starting with IMPACT Day, our firm wide day dedicated to give back to our communities. Because we value education, empowerment, enterprise development and entrepreneurship, we particularly support these areas.

To all our stakeholders, we offer our thanks for your valued support. We welcome your feedback on this report and in general and look forward to continued engagement with you in the year ahead.

Lwazi Bam assumes office as CEO on 1 June 2012

We look forward to the appointment of Lwazi Bam as chief executive on 1 June 2012. Lwazi will be the first African Black chief executive of our firm, which is a true indicator of the progress our firm has made in its transformation. Lwazi’s history with Deloitte goes back nearly 18 years and for six of those years, Lwazi has been a member of the firm’s executive committee. As a member of the executive committee Lwazi has held several roles including being the head of Corporate Finance, Strategy leader, National Public Sector leader and the African Integration leader. Perhaps most importantly, is that as chief executive he will bring to the table, years of living the Deloitte values. He is a worthy successor to Grant Gelink and we look forward to his stewardship of the firm for this ensuing term of the next four years.